Guaranteed Auto Protection (GAP)

Guaranteed Auto Protection (GAP),

Guaranteed Auto Protection (GAP) Definition:

  • You can define Guaranteed Auto Protection (GAP) as, Insurance that covers the difference between the actual current value (ACV) of a damaged or stolen vehicle and the amount owed on the loan or lease. This discrepancy is due to the rapid decline of most cars in the first few years and can be a problem if the car is destroyed or stolen in an accident and does not return. Limit coverage is often sold by credit unions and auto finance companies, and is usually purchased from a rental car. For example, if a rental car is stolen for 000 20,000, the part of the car policy that damages the property pays 000 20,000, with no deductions. ۔ However, if the rent is still 25,000, the policyholder will be further liable for 5,000. GAP Insurance will pay an additional 000 5,000 to the leasing company. In recent years, GAP insurance has been introduced as part of commercial or personal car insurance.

Literal Meanings of Guaranteed Auto Protection (GAP)

Guaranteed:

Meanings of Guaranteed:
  1. For this reason, formal bail guarantees were provided.

Auto:

Meanings of Auto:
  1. A basket

  2. Automatic summary (meaning name 3)

Synonyms of Auto

machine, automobile, motor

Protection:

Meanings of Protection:
  1. Safety operation or safety condition.

Synonyms of Protection

indemnity, safeguarding, safe keeping, conservation, preservation, insurance, immunity, shielding, defence, lee, sanctuary, shelter, security, refuge, safety

GAP:

Meanings of GAP:
  1. A gap or hole in an object or between two objects.

  2. Space or space is broken continuously.

Sentences of GAP
  1. Through holes in the hedge

  2. There are many gaps in our understanding of what happened.

Synonyms of GAP

chink, rent, fissure, delay, interstice, breather, interval, break, cavity, discontinuity, opening, perforation, pause, breathing space, cranny, space, vent, hiatus, orifice, crevice, intermission, rift, breach, interlude